Bitcoin has once again taken center stage, this time following the approval of 11 Spot Bitcoin ETF applications by the US SEC after a month-long anticipation. This approval has significantly impacted the trading dynamics within the sphere of Bitcoin. Asset management firms are projecting a continuous rise in this space. Bitwise Asset Management, in particular, has expressed increased confidence in the volumes of Spot Bitcoin ETF.

According to Matt Hougan, the Chief Investment Officer at the firm, what instills optimism about this investment product is the consistent flow of at least 18 out of 19 days. Hougan also noted that inflows and volumes have exceeded their initial expectations, suggesting that the product has expanded beyond what is economically sustainable.

Bitwise Bitcoin ETP by Bitwise Asset Management currently ranks fourth in terms of market cap. The firm attributes much of its growth to the 0.20% fee, which they may reconsider if transaction volumes surge. Hougan views this fee structure as favorable. Furthermore, they anticipate continued growth in the Spot Bitcoin ETF, driven by the increasing interest and demand from large institutions.

Hougan has outlined a timeline of 18 months for the steady growth of the Bitcoin ETF, indicating that demand is not expected to wane anytime soon.

Currently, the Bitcoin ETF space is dominated by Grayscale Bitcoin Trust, valued at $20.27 billion, followed by BlackRock and Fidelity. The iShares Bitcoin Trust and Wise Origin Bitcoin Trust are also significant players, valued at $3.31 billion and $2.75 billion, respectively.

Such sentiments are contributing to the upward momentum of BTC prices, which recently traded at $50,151.27. If this trend persists, BTC could soon surpass its all-time high of approximately $65,000 and aim for the psychological level of $100,000. The current valuation represents a 4.74% increase in the last 24 hours and a 16.83% increase in the last 7 days.

Looking ahead, Hougan believes that the next phase in crypto ETFs may focus on Ether ETFs. While they have not disclosed specific plans for seeking approval from the Commission, indications suggest that they are considering it seriously. Hougan's statement hints at their intention to offer such products within the bounds of relevant regulations.

Meanwhile, Ether (ETH) has surpassed the $2,600 milestone, registering an 8.265% increase in the last 24 hours and currently trading at $2,681.10.